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Author: NN Investment Partners
Equity markets have started the year on a firm tone, supported by better-than-expected macro-economic data, in developed as well as emerging markets. The earnings season got off to an encouraging start, with the financial sector showing noteworthy strength in the US and in Europe. In broader terms, cyclical sectors earnings have surprised more on the upside than their defensive counterparts. But doubts are increasing about the US policy mix, and the hopes of much fiscal stimulus and little protectionism that have buoyed markets since the election may not be how things eventually work out. Based on the new administration’s first two weeks, caution looks warranted.
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